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8-K - 8-K - SPECTRANETICS CORP | spectranetics8kappointment.htm |
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Spectranetics Announces Election of New Chairperson of the Board of Directors
COLORADO SPRINGS, Colo. (June 14, 2017) - The Spectranetics Corporation (NASDAQ: SPNC)
(“the Company”) announced today that B. Kristine Johnson has been elected as the new Chairperson
of the Board of Directors. Ms. Johnson succeeds R. John Fletcher, who has served as Chairperson of
the Board since December 2010 and will continue to serve on the Board.
“I am delighted to be elected as Chairperson. Spectranetics has many opportunities ahead, and our
Board is fully engaged. I am looking forward to leading us through our next phase of growth,” said Ms.
Johnson. “On behalf of the Board, I would also like to thank our outgoing chair, John Fletcher, for his
stewardship over the last seven years. He has led the Company through significant market
capitalization growth, portfolio diversification, and attracted new leadership. His contributions have been
simply invaluable. We are fortunate that John will continue to serve on the board.”
Ms. Johnson joined the Spectranetics Board in 2012. She is currently the President of Affinity Capital
Management, a venture capital firm that invests in private, U.S. based healthcare companies. Prior to
Affinity, she was Senior Vice President and Chief Administrative Officer of Medtronic, Inc. During her 17
years at Medtronic, she also served as President and General Manager of its vascular business and
President and General Manager of its tachyarrhythmia management business.
Ms. Johnson currently serves on the board of directors for AtriCure, Inc., a publicly traded medical
device company, and on the board of directors for Piper Jaffray Companies, a leading middle market
investment bank and asset management firm, where she has been the lead director since 2012. She
also serves on the board of directors and is Chair of the University of Minnesota Foundation Investment
Advisors, as well as the boards of several private entities.
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It is the intention of the Board to rotate the role of Chairperson from time to time, as deemed
appropriate, with the expectation that the Chairperson typically will serve a four to six year term.
About Spectranetics
The Spectranetics Corporation develops, manufactures, markets and distributes medical devices used
in minimally invasive procedures within the cardiovascular system. The Company's products are
available in over 65 countries and are used to treat arterial blockages in the heart and legs and in the
removal of pacemaker and defibrillator leads.
The Company's Vascular Intervention (VI) products include a range of laser catheters for ablation of
blockages in arteries above and below the knee, the AngioSculpt scoring balloon used in both
peripheral and coronary procedures, and the Stellarex drug-coated balloon peripheral angioplasty
platform, which received European CE mark approval in December 2014. The Company also markets
support catheters to facilitate crossing of peripheral and coronary arterial blockages, and retrograde
access and guidewire retrieval devices used in the treatment of peripheral arterial blockages, including
chronic total occlusions. The Company markets aspiration and cardiac laser catheters to treat
blockages in the heart.
The Lead Management (LM) product line includes excimer laser sheaths, dilator sheaths, mechanical
sheaths and accessories for the removal of pacemaker and defibrillator cardiac leads, including the
Bridge™ Occlusion Balloon.
For more information, visit www.spectranetics.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation
Reform Act of 1995. You can identify these statements because they do not relate strictly to historical or
current facts. Such statements may include words such as “anticipate,” “will,” “estimate,” “expect,” “look
forward,” “strive,” “project,” “intend,” “should,” “plan,” “believe,” “hope,” “see,” “enable,” “potential,” and
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other words and terms of similar meaning in connection with any discussion of, among other things,
future operating or financial performance, strategic initiatives and business strategies, clinical trials and
regulatory approvals, regulatory or competitive environments, outcome of litigation, our intellectual
property and product development. These forward-looking statements include, but are not limited to,
statements regarding our competitive position, product innovation and development, and
commercialization schedule, expectation of continued growth and the reasons for that growth, growth
rates, strength, integration and product launches, regulatory approvals, and 2017 outlook and projected
results including projected revenue and expenses, gross margin, net loss and loss per share. Such
statements are based on current assumptions that involve risks and uncertainties that could cause
actual outcomes and results to differ materially. You are cautioned not to place undue reliance on these
forward-looking statements and to note they speak only as of the date of this release. These risks and
uncertainties may include financial results differing from guidance; our need to comply with complex
and evolving laws and regulations; intense and increasing competition and consolidation in our
industry; the impact of rapid technological change; slower revenue growth and continued losses; the
inaccuracy of our assumptions regarding AngioScore and Stellarex; market acceptance of our
technology and products; our inability to manage growth; increased pressure on expense levels
resulting from expanded sales, marketing, product development and clinical activities; uncertain
success of our strategic direction; dependence on new product development and successful
commercialization of new products; loss of key personnel; uncertain success of or delays in our clinical
trials; costs of and adverse results in any ongoing or future legal proceedings; adverse impact to our
business from healthcare reform and related legislation and regulations, including changes in
reimbursements and the impact of fraud and abuse and information privacy laws and regulations;
adverse conditions in the general domestic and global economic markets and volatility and disruption of
the credit markets or other factors that prevent us from obtaining funding; our inability to protect our
intellectual property and intellectual property claims of third parties; availability of inventory and
components from suppliers, including sole source suppliers; adverse outcome of FDA inspections,
including FDA warning letters and any remediation efforts; the receipt of FDA clearance and other
regulatory approvals to market new products or applications and the timeliness of any clearance and
approvals; product defects or recalls and product liability claims; cybersecurity breaches; interruptions
of our manufacturing operations and other events that affect our ability to manufacture sufficient
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volumes to fulfill customer demand; our dependence on third party vendors, suppliers, consultants and
physicians; risks associated with international operations, including international sales using distributors
and the impact of “Brexit” on our European sales and operations; risks associated with any future
acquisitions; our ability to use net operating loss carryovers and potential impairment charges; lack of
cash necessary to satisfy our cash obligations under our outstanding 2.625% Convertible Senior Notes
due 2034 and our term loan and revolving loan facilities; our debt adversely affecting our financial
health and preventing us from fulfilling our debt service and other obligations; and share price volatility
due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further
list and description of such risks and uncertainties that could cause our actual results, performance or
achievements to materially differ from any anticipated results, performance or achievements, please
see our previously filed SEC reports, including those risks set forth in our 2016 Annual Report on Form
10-K. We disclaim any intention or obligation to update or revise any financial or other projections or
other forward-looking statements, whether because of new information, future events or otherwise.
Investor Relations Contacts
Zach Stassen
Investor.relations@spnc.com
(719) 447-2292
Michaella Gallina
Investor.relations@spnc.com
(719) 447-2417